- On Monday, legendary bond investor Jeff Gundlach told CNBC that he is “pretty sure this is a bear market for stocks.“
- Jim Cramer, the host of CNBC’s “Mad Money,” said during a Thursday morning appearance that Gundlach should “stick to bonds.”
- Late Thursday, Gundlach said he wouldn’t be appearing on CNBC anymore.
- Cramer apologised to Gundlach on Friday, saying “he’s proven to be very right.”
Jim Cramer, the host of CNBC’s “Mad Money” on Friday apologised to “Bond King” Jeff Gundlach after the billionaire hedge-fund manager said he wouldn’t be appearing on the network anymore.
“I’m going to be very straight about this, you had a guy on this week, Jeff Gundlach, and I intemperately was critical of him,” Cramer told CNBC’s Scott Wapner on “The Halftime Report.”
On Monday, Gundlach, the founder of DoubleLine Capital, told Wapner that he is “pretty sure this is a bear market for stocks,” and that he thinks the S&P 500 will go below the lows that the index hit early in 2018.
Cramer, during a Thursday morning appearance, said that Gundlach should “stick to bonds,” triggering a response from Gundlach.
“So sad that appearances on CNBC are now a thing of the past,” Gundlach tweetedThursday evening. “It was great while it lasted. Blame it on Cramer. We’ll be on Fox Business.”
Gundlach’s call on stock market turned out to be spot on as the S&P 500 shed more than 7% this week, hitting its lowest level since August 2017. It’s now down 17% from its September peak.
“He’s proven to be very right, and I just wanted to get that off my chest because I’m sorry about what I said,” Cramer told Wapner on Friday.
“It was not right. It was a heat of the battle moment. This is the worst I’ve seen since the Great Recession, where’s there’s just a lot of different temperaments and I want to cool things myself by saying I shouldn’t have said what I did.”
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